Day: 20 May 2015

Gold monetization scheme (GMS) is announced by Finance Minister Arun Jaitley in the Union Budget 2015-2016. Now the Government has release the Draft guidelines for implementing this gold monetisation scheme. According to the government, gold deposit accounts will utilise the 20,000 tonnes available within the country and help in cutting down the 800-1,000 tonnes of gold the country ships every year. What is Gold monetisation scheme? In simple terms, it is a scheme that allows people to deposit the gold / jewellery and earn Interest on their Gold Account. A.  Key Features of Gold monetization scheme TAX FREE: Gold Monetization Scheme is proposed to be tax-free No Income tax on the Interest earned on Gold Account No Capital Gains Tax on the appreciation in the value of deposited gold N...